Bitcoin (BTC) can reach an annual high of $ 13,971 in the short term, at least if we can believe the large American bank, Goldman Sachs. In a recently published document, a team of analysts from the bank describes why they expect this to happen.
Goldman Sachs, a 150-year-old bank with almost a trillion dollars in assets under management, publishes “The Charts That Matter Next Week” every week. This is a document with graphs that according to the team of specialists will be important for the coming week.
Bitcoin is not often mentioned, but the weekly chart of BTC could be seen this time. And the expectations of Goldman Sachs can be called cautiously positive.
What is more surprising: that Goldman Sachs has a bullish target on $BTC, that they have any target at all, or that they use Elliott Wave Theory?
I'm personally most surprised they cant be bothered to use a chart that includes weekend price action. pic.twitter.com/ocpq7hr0qv
— Su Zhu 🦁 (@zhusu) August 12, 2019
According to the bank, the short-term goal is $ 13,971, which would be an annual highlight. Based on ‘ Elliot Wave’ analyzes, this remains the goal if the price does not fall below $ 10,791. Thus the team states:
As long as it avoids any contact with the top of wave i at $ 10,791, there is still room for at least one leg higher towards $ 12,916 and $ 13,971. Reaching these levels can mean completing a v-wave count from July. Bottom line, watch for signs of a short-term top / consolidation once satisfied.
According to Goldman Sachs, the price can fall again from that level. However, it states that “any such retracement from $ 12,916- $ 13,971 should be viewed as an opportunity to buy on weakness, as long as it does not retrace further than the $ 9,084 low.”